All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Save cash to BRRRR? Or finance and jump in?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
If you can BRRRR, I would go ahead and BRRRR. It's just you usually need a private lender (or saved up cash) and, of course, a good deal to BRRRR.
Post: BRRRR with a rehab loan
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Usually you can only BRRRR by refinancing after the property is rehabbed and rented. Upfront, you will either need to put money down or get a private loan.
Post: Real Estate Rookie Introduction
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Emond and best of luck investing!
Post: New Member and New to REI
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Millie!
Post: Not enough deal flow or being impatient?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
If larger is more difficult to come by, perhaps continue looking for smaller properties as well. We planned on going almost exclusively at large multis when we arrived in KC but ended up focusing on SFR and small multis for a variety of reasons.
Post: New Investor Introduction
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Joshua and best of luck investing!
Post: possible cheap way to directly own commercial real estate?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Blockchain secured? Do you mean it's crowdfunding with crypto or like a virtual investment like owning real estate in Meta? Crowdfunding real estate in general can work, but it's important to have a big network and reputation to convince a lot of small investors to buy into your property. That being said, there are a lot of scams and I don't think crowdfunding real estate worked very well because I heard a lot about it circa 2016-2017 but very, very little now.
Post: 1 Primary and 1 Rental, Low Cash, Next Move?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Partnerships or private loans are definitely something to consider. However, if you're low on cash and 1) have lived in your own home for more than a year and 2) it would make for a good rental and 3) you are open to moving, the best option might be to buy a new personal residence and rent out your current place. The financing terms are a lot better for personal residences than investment properties and with rates going up, that is even more important now.
Post: How to determine what tenants responsibility is after move
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I would document everything and basically depreciate items like the carpet based on how long they lived there. If you have good documentation (pictures, quotes, a line item expense sheet for deductions to their deposit) you should be fine as long as you're being fair. (But check your local laws and talk to an attorney to set up your systems, of course.)
And yeah, it's definitely the tenant's responsibility to clean up before they leave.
Post: Long Distance BRRRR Advice
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Zach Wagner:
Quote from @Andrew Syrios:
The best markets to BRRRR in are generally the midwest and southest (i.e. Oklahoma City, Kansas City, Des Moines, Birmingham, Memphis, etc.). The coasts are too expensive and the Rust Belt is pretty run down. But there are definitely still opportunities in the Rust Belt.
Thank you, I have looked into a few of those. When you refer to the Rust Belt, what are you referring to? I have never heard that term.